The Ministry of Mines on January 21, 2024, issued the Mineral (Auction) Amendment Rules, 2024 to further amend the Mineral (Auction) Rules, 2015.
The following amendments have been stated:
• In rule 4 which states Grant of concession, after sub-rule (2), the following sub-rule shall be inserted, namely: —
“(3) Exploration licence under section 10BA in an area in respect of any mineral specified in the Seventh Schedule of the Act shall be granted in the manner specified under Chapter III A.”
• In rule 11 which states Upfront payment for mining lease, in sub-rule (1), the following proviso shall be inserted, namely: —
“Provided that for the preferred bidder selected pursuant to the notice inviting tender issued after the date of commencement of the Mineral (Auction) Amendment Rules, 2024, the amount of upfront payment shall not exceed five hundred crore rupees.”
• In rule 12 which states Performance security for mining lease, in sub-rule (1), the following proviso shall be inserted, namely: —
“Provided that for the preferred bidder selected pursuant to the notice inviting tender issued after the date of commencement of the Mineral (Auction) Amendment Rules, 2024, the amount of performance security shall not exceed five hundred crore rupees.”
They shall come into force on January 12, 2024.
[Notification No. G.S.R. 49(E)]
